2024-12-17 08:46:33
Crypto Bull Run Accelerates as Ethereum and Binance Coin (BNB) Retest All-Time Highs
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The post Crypto Bull Run Accelerates as Ethereum and Binance Coin (BNB) Retest All-Time Highs appeared first on Coinpedia Fintech News The rise of Ethereum (ETH) price beyond $4k in the past 24 hours has rejuvenated the sentiments for a parabolic bull run for the entire altcoin industry. Large-cap altcoins – led by Binance Coin (BNB), and Solana (SOL), among others – have already signaled the onset of their macro bull run, after retesting their 2021 all-time highs. Furthermore, Bitcoin dominance in the weekly time frame has begun a falling trend, which will escalate the ongoing crypto cash rotation to the altcoin industry. Additionally, the altcoin industry is expected to outperform Bitcoin in 2025 after the latter’s bull run dominating in the past two years. The Return of Binance Coin (BNB) Following last month’s victory of pro-crypto US President Donald Trump, most of the projects majorly traded around the region experienced a sharp uptick in demand. For example, Ripple Labs’ XRP surged more than 5X to almost retest its all-time high, thus climbing to the third most valuable crypto asset by market cap. Additionally, Solana’s price has surged significantly in the past two years to retest its ATH above $250. As a result, BNB was displaced from the prior fourth position as it lagged in the past two months. However, the tide is gradually shifting, with BNB price outshining other large-cap altcoins. In the past seven days, BNB’s price gained 4 percent to trade at about $715 at the time of this writing. However, Solana and Dogecoin prices dropped around 1 percent in the same period. Consequently, BNB has overthrown SOL to become the fifth largest crypto asset, with a market cap of about $104.7 billion. Influencing Factors The rise of BNB is heavily influenced by the tangible success of the Binance ecosystem including the BSC Chain and Binance exchange. According to the latest market data, the BSC network has a total value locked of about $5.8 billion and a stablecoins valuation of around $6.6 billion. With over 1 million active addresses in the past 24 hours, the BSC chain is a major player in the ongoing BNB rise.
